According to Eric Balchunas, he is not joining the bears despite elevated valuations because he sees a current Trump Put and a potential Fed Put with a new Fed chair by May, even suggesting negative rates could emerge next year, signaling a pro-risk backdrop that may support equities and crypto such as BTC and ETH; source: Eric Balchunas on X, Nov 23, 2025. For trading, this viewpoint implies leaning long-on-dips in risk assets and monitoring the May policy-appointment timeline and the rate path as catalysts for volatility and beta performance in BTC and ETH; source: Eric Balchunas on X, Nov 23, 2025.

According to Eric Balchunas, despite Federal Reserve Chair Powell removing the Fed Put, concerns over China's supply chain disruptions, and predictions of declining GDP revisions, $SPY is still up pre-market and boasts a 4% increase since Jim Cramer's Black Monday prediction. This resilience highlights intriguing trading dynamics amid global economic uncertainties.

According to The Kobeissi Letter, the Nasdaq index has experienced a significant drop of nearly 900 points since its recent high. This decline follows a previous rise of 2,400 points from its April 7th low. The market shift coincides with Federal Reserve Chair Powell's statement that the 'Fed put' will not support the market soon, impacting trader sentiment.

According to The Kobeissi Letter, the Financial Times reported that the Fed is 'absolutely' ready to stabilize the market if needed, leading to a sharp rally perceived as the emergence of the 'Fed put.' However, recent comments by Powell push back on this view, indicating potential volatility in cryptocurrency markets.

According to The Kobeissi Letter, the Nasdaq experienced a significant drop of nearly -900 points since Monday's high, following a rise of +2,400 points since its April 7th low. Fed Chair Powell's recent statement clarified that the 'Fed put' will not intervene to stabilize the market soon, influencing crypto markets as well. This has resulted in increased volatility, creating potential short-term trading opportunities in the cryptocurrency sector.